Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 7.00

HHD, Inc

Balance sheet preparation

Presented below is the balance sheet for HHD, Inc., at December 31, 2016.

The captions shown in the summarized statement above include the following:

a. Current assets: cash, $150,000; accounts receivable, $200,000; inventories, $225,000; and prepaid insurance, $25,000.

b. Investments: investments in common stock, short term, $90,000, and long term, $160,000; and restricted cash, long term, $250,000.

c. Property, plant, and equipment: buildings, $1,500,000 less accumulated depreciation, $600,000; equipment, $500,000 less accumulated depreciation, $200,000; and land, $800,000.

d. Intangible assets: patent, $110,000; and copyright, $90,000.

e. Current liabilities: accounts payable, $100,000; notes payable, short term, $150,000, and long term, $90,000; and taxes payable, $60,000.

f. Long-term liabilities: bonds payable due 2021.

g. Shareholders’ equity: common stock, $1,000,000; retained earnings, $800,000. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares were issued and are outstanding.

Required:

Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2016.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 05:09 PM My Price 7.00

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